Toll Gates to be Introduced Again
The Federal Government has concluded plans to introduce toll on Nigeria’s borders with neighboring African countries.
The chairman, Concessioning and Tolling Committee, Federal Roads Maintenance Agency, Alhaji Mohammed Gusau, said this at the Idiroko border on Friday when members of the committee visited for on-the-spot assessment and a meeting with stakeholders. Read more
Caverton Trains Nigerians as Helicopter Engineers
Indigenous aviation company, Caverton Helicopters has trained 15 Nigerians as engineers, type-rated in the modern helicopter, AW139.
The company has also recorded other achievements in the area of human capacity development and has been partnering with the National Content Development Board (NCDB) to ensure that more Nigerians acquire technical skills to work in the industry. Read more
APC Reps To Challenge Jonathan’s Eligibility In Court
Some lawmakers from the All Progressives Congress (APC) in the House of Representatives have indicated their intention to challenge in court, President Goodluck Jonathan’s eligibility to seek re-election in 2015.
A Kano lawmaker, Hon Nasiru Sule Garo revealed the impending move while briefing newsmen. Read more
Cameroon army kills 39 Boko Haram fighters
Cameroon said on Sunday its forces had killed 39 fighters from Islamist Boko Haram sect in clashes in the north, an area that has seen regular cross-border raids by the Nigerian militants.
Friday’s fighting which erupted as the militants were carrying out three raids in the north, also claimed four civilian lives, the defence ministry said. Read more
Boko Haram abducts 30, kills 17 in Borno
Boko Haram members in the last few days abducted over 30 boys and girls in Mafa LGA of Borno State, our correspondent gathered yesterday.
Caretaker chairman of the council, Alhaji Shettima Maina, said the youths were picked up from some communities, pointing out that boys, most of whom were aged 13 and above were forcefully conscripted to fight for the group while the girls aged 11 years and above were taken as war brides. Read more
Seriki Becomes Vice Chairman of World IT Advisory Board
The President of Information Technology Industry Association of Nigeria (ITAN), Mrs. Florence Seriki , has been elected as the new Vice Chairman, African region, for the World Information Technology and Services Advisory Board (WITSA).
The election was carried out in Mexico recently. Read more
NBC, Coca-Cola, Chief Executives Risk Five Year Jail Term Over Breach of Consumer Protection Act
The Nigerian Bottling Company (NBC) Limited, Coca-Cola Nigeria Limited and their chief executives now risk jail terms ranging from three to five years if found guilty of criminal breach of the Consumer Protection Council (CPC) Act in a suit filed by the federal government.
The federal government in the charge against NBC and its Managing Director, Mr. Ben Langat, alleged that the two accused persons committed an offence by violating the orders of the Consumer Protection Council by “deliberately failing, refusing and/or neglecting to comply with the Council’s Orders duly made and served on you and thereby committed an offence contrary to Section 21 of the Consumer Protection Council Act, Cap C. 25, Laws of the Federation of Nigeria, 2004 and punishable under the same section.” Read more
Why Jonathan insisted on Israeli trip before declaration
IT emerged in Abuja, at the weekend, that President Goodluck Jonathan has told his close allies that he will not declare for the 2015 presidential race without seeking the face of God.
The president, who announced his declaration and fund raising committees just before embarking on the trip to Israel, was said to have insisted on prayers as a major weapon, in view of the challenges currently facing the country. Read more
FG, UNDP, UNFPA Want Improved Collaboration to Cut Mortality Rate
The federal government and its development partners, including the United Nations Population Fund (UNFPA) and United Nations Development Programme (UNDP), have charged governments and authorities in developing countries to focus more on gender-sensitive developmental programmes as a strategic option of reducing high child and maternal mortality rates globally.
In their unanimous voice for policy-driven developmental programmes for improved care for teenage girls and women at the occasion of the 20th Anniversary of the Partners in Population Development (PPD) in Abuja, the federal government noted that the challenges of maternal mortality and socio-economic inequalities called for a more collaborative and proactive effort. Read more
Sabinews News Update on Economy
Manufacturers fear harmful impact of EPA on local industries
Nigerian manufacturers are anxious that the Economic Partnership Agreement (EPA), which has been decisively approved by the Economic Community of West African States (ECOWAS), of which Nigeria is a key member, could have negative impact on local industries. They argue that Nigeria may have consented to the EPA, fearing loss of markets to Europe should the regime finally begin.
EPA is an economic agreement between the European Union (EU) and the ECOWAS, plus the West African Economic and Monetary Union, known in French as UEMOA. The thrust of EPA is to open the EU market to West African products on a duty-free and quota-free basis. The West African market will also become partially open to the EU five years after EPA becomes operational. Read more
CBN’s naira defence masks true value of currency
Nigeria’s apex bank, the Central Bank spent as much as $3.1 billion in the month of September alone, propping up the country’s local currency, the naira.
But it has now emerged that this and other efforts by the bank in the last one year may have been giving the lie to the true value of the domestic currency. Read more
Beer industry has over 40,000 brands –NB
There are currently over 40,000 beer brands worldwide owing to increase in consumption and the need to boost emotion and social life, a Brew Master, Ben Azozie, said at the weekend.
At a Media Beer Academy organised by Nigerian Breweries (NB) Plc, in Ibadan, Oyo State, Azozie stated that the industry was contributing largely to the development of Nigeria’s economy. Read more
Sabinews News Update on Oil and Gas
Falling oil prices won’t affect 2015 budget –Reps
The House of Representatives on Sunday dismissed fears that the falling crude oil prices would adversely affect the 2015 budget.
From around $114 months back, the prices of crude have dropped far below $100 per barrel lately, raising concerns of a possible negative impact on Nigeria’s monolithic economy. Read more
IPMAN Raises The Alarm Over N1.22trn Kerosene Subsidy
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has picked holes in the 2015 federal government budget proposal in which N1.22 trillion is budgeted for kerosene subsidy alone.
IPMAN shares industry stakeholders’ concern that government is not obviously pro-active in dealing with the issue of transparency deficit that has characterised petroleum subsidy. Read more
Focus on under-pressure oil and gas sector
The under-pressure oil and gas sector will be in focus this week as a raft of producers and explorers update the market.
BG Group and BP have third-quarter results tomorrow, while Thursday sees management statements from troubled Middle Eastern and African focused operator Afren, Cairn Energy and Genel Energy. Read more
Oil Prices Drop as Goldman Sachs Cuts WTI and Brent Projections by $15 Per Barrel
Brent crude futures declined below $86 per barrel on 27 October, after Goldman Sachs cut its price projection for Brent and West Texas Intermediate by $15 a barrel for the first quarter of 2015.
Brent for delivery in December 2014 declined 0.29% to $85.88 (£53.37, €67.76) barrel as at 23:52 pm ET, while WTI was down 8 cents at $80.93. Read more
Three dead after student shooting at US high school
A third victim of a shooting at a US high school has died in hospital.
Student Jaylen Fryberg went on the rampage at Marysville-Pilchuck High School before turning the gun on himself. Read more
Chinese filmmaker to stand trial for constitution documentary
A filmmaker who made a documentary on China’s constitutional governance will stand trial on charges of “illegal business activity”, raising questions about Beijing’s promise to uphold the rule of law in accordance with the constitution.
Shen Yongping will be the first person prosecuted for documenting China’s constitutional history in a film called “100 years of constitutional governance”, his lawyer, Zhang Xuezhong, told Reuters in a telephone interview on Monday. Read more
Tunisia’s secular party Nidaa Tounes takes lead in parliament vote – source
Leading Tunisian secular party Nidaa Tounes has won more than 80 seats in an election for the new 217-member parliament against 67 seats for Islamist party Ennahda, a party source, citing a preliminary ballot count, said on Monday.
Election authorities are expected to announce official results later in the day, but if confirmed the result would be a setback for Ennahda, which led a government after winning the most seats in 2011 in the first free election. Read more
Presidential aide hints at possible postponement of Sudan elections
Sudanese presidential aide, Ibrahim Ghandour, said on Sunday that elections planned for 2015 will depend on whether an agreement is reached at the end of the national dialogue process.
The ruling National Congress Party (NCP) wrapped up its 4th general convention on Saturday with a resolution providing that the election will be run as scheduled in April 2015 and that the incumbent president Omer Hassan al-Bashir will be its candidate for the presidential race. Read more
Sabinews News Update on Energy
Power reform shines a light on Nigerian stocks
Nigeria is Africa’s biggest economy and one of the world’s largest oil and gas producers. Resolving its electricity generation gaps could significantly boost the country’s economic growth and provide opportunities for equity investors.
Most global investors pay insufficient attention to Nigeria, which is not included in traditional emerging market equity indices. Yet in this country of 174m people, a policy-driven change to infrastructure could transform the economy and create new opportunities for equity investors. Read more
Sabinews News Update on Sports
President Jonathan to host victorious Falcons
President Goodluck Jonathan will receive newly crowned African women’s champions, Super Falcons, in Abuja on Wednesday, officials announced.
Sports minister, Tammy Danagogo, announced this when he addressed the Falcons before they beat the Lionesses of Cameroon 2-0 in the final of the African Women’s Championship in Namibia on Saturday. Read more
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